Revo Capital Fund III Secures $86M First Close with Donor Backing

Revo Capital, Türkiye's largest venture capital firm, has announced the first close of its third fund, Revo Capital Fund III, at $86 million, with a target of exceeding $100 million at final close. The fund is designed to accelerate the growth of Turkish-rooted startups that are scaling globally, especially in high-potential sectors such as fintech, healthtech, cybersecurity, B2B SaaS, energy, and gaming. With artificial intelligence as a cross-cutting enabler, the fund is also positioned to support the next wave of tech disruption in the region.

Established in 2013, Revo Capital has become one of Türkiye’s most prominent tech investors, with a portfolio that reflects its deep sectoral expertise and international focus. Its investments include two unicorns—Getir and Builder.ai—as well as rising stars like Midas, a mobile investment app; ikas, an e-commerce platform for SMEs; Param, a digital payment company; and Roamless, a global mobile internet solution. These companies exemplify Revo’s thesis: backing strong, locally rooted technology teams that can scale across borders while maintaining operational depth in Türkiye.

With Fund III, Revo Capital plans to invest in over 25 companies from seed to Series B stages. Initial ticket sizes typically go up to $5 million per company, with total allocations reaching $10 million through follow-on rounds. Recognizing the growing pipeline of pre-seed and seed startups in Türkiye and the wider region, the firm has also carved out a "Seed Pocket" within the fund for smaller tickets ranging from $250,000 to $500,000. This dual approach enables Revo to support both mature early-stage ventures and new generation founders looking to establish global product-market fit.

Revo Capital Fund III is backed by an impressive mix of global and regional institutional investors. The International Finance Corporation (IFC), part of the World Bank Group, has invested $20 million into the fund, underscoring the alignment of Revo’s mission with development goals such as job creation and innovation-led growth. Germany’s KfW DEG has also committed $20 million, while the European Bank for Reconstruction and Development (EBRD) has invested $15 million. These investments are complemented by support from Türkiye’s Development Fund, corporate venture capital arms such as Finberg (Fibabanka) and Yıldız Ventures (Yıldız Holding), as well as individual investors including exited founders from Revo’s earlier funds.

Beyond capital, Revo Capital positions itself as a hands-on investor, providing its portfolio companies with tailored support across operations, growth strategy, business development, and international fundraising. The firm has cultivated strong relationships with global VC and growth funds, facilitating cross-border scaling and downstream funding opportunities. For many founders, Revo acts not only as an anchor investor but also as a strategic advisor committed to long-term value creation.

Fund III arrives at a time of increasing global interest in Türkiye’s startup ecosystem. Despite macroeconomic challenges, the country has emerged as a vibrant tech hub bridging Europe, Asia, and the MENA region. Turkish startups are increasingly global from day one, supported by high-quality engineering talent, competitive costs, and access to large domestic and regional markets. Revo Capital’s approach of backing companies with strong local teams and global aspirations is well-suited to this evolving landscape.

Since its inception, Revo has deployed $180 million across 40 companies and completed 17 exits, demonstrating consistent execution and returns. The firm is particularly focused on supporting startups that generate substantial international revenue—often by relocating their commercial headquarters to tech centers like London, Amsterdam, or Dubai—while keeping core engineering and product teams in Türkiye. This hybrid model allows startups to access global capital and markets while leveraging Türkiye’s cost-effective and skilled talent base.

Revo Capital’s third fund marks a significant milestone not only for the firm but for the broader ecosystem. It reinforces Türkiye’s position as a global innovation node and creates a powerful platform for founders who aspire to build transformative companies with global impact. As regional capital markets mature and more institutional investors back tech-focused funds, Revo Capital is set to play a catalytic role in shaping the next decade of entrepreneurship and digital transformation in Türkiye and beyond.